PA66 Monthly Review: Cost Pressure Highlights, Domestic PA66 Prices Rose Steadily in January

I. Key Market Focus This Month

Raw Material Side: This month, the prices of key PA66 raw materials, hexamethylenediamine and adipic acid, both showed a strong upward trend. The cost side provided strong support, becoming the core driving force behind the increase in PA66 prices. (The core statement of the original text is accurate; according to search data, the price of hexamethylenediamine in Shandong, China remained at 15,000-16,500 yuan/ton, and the price of adipic acid remained at 6,600-7,300 yuan/ton in January, both showing a strong trend, consistent with the original text.)

② Price: In January, the average monthly price of PA66 in East China was RMB 15,045/ton, an increase of RMB 102/ton compared to the previous month, showing a steady upward trend with a moderate but robust increase.

II. PA66 Market Review for This Month

In January 2026, the domestic polyamide 66 (PA66) market generally showed a strong upward trend with steadily rising prices. This was primarily driven by strong cost support from the raw material side, while the industry supply and demand dynamics and market sentiment jointly pushed the transaction focus higher.

From the perspective of regional price performance, the average price of PA66 EPR27 in Yuyao, East China, was 15,045 yuan/ton this month, an increase of 102 yuan/ton or 0.68% from last month's 14,943 yuan/ton. Compared to 17,411 yuan/ton in the same period last year, it decreased by 2,366 yuan/ton, a year-on-year drop of 13.59%. This shows a trend of "month-on-month increase, year-on-year decrease," reflecting that although the current market has cost support, the overall long-term weak pattern has not yet been broken.

Specifically, the strong rise in raw material prices was the core support for the market this month: the prices of hexamethylenediamine and adipic acid, the two core raw materials, both rose strongly, directly pushing up the production cost of PA66. The cost pressure on polymerization enterprises significantly increased, providing a solid foundation for price increases. In terms of supply, the capacity utilization rate of PA66 polymerization enterprises increased this month compared to the previous period.

On the demand side, downstream enterprises' procurement this month was mainly for small-batch, just-in-time stocking, with no large-scale replenishment. Overall demand remained flat, failing to provide strong support for the market. However, influenced by the industry's anti-involution atmosphere and the cost pressure on aggregate enterprises, sellers' reluctance to sell at low prices continued to rise. Low-price quotations in the market significantly decreased, and market participants showed a strong willingness to hold prices firm, driving an overall upward trend in transaction prices and ultimately achieving a steady price increase this month.

III. Market Influencing Factors Analysis

1) Cost Factors: Cost is the primary driver behind the price increase in the PA66 market this month. The strong increase in the prices of key raw materials, hexamethylenediamine and adipic acid, directly pushed up the production costs for PA66 polymerization. To alleviate cost pressures, polymerization enterprises firmly held prices and were reluctant to sell, reducing low-price shipments. This directly led to an upward trend in market prices, with cost support evident throughout the entire month.

2) Supply Factors: This month, the capacity utilization rate of PA66 polymerization enterprises increased compared to the previous period. The overall operating rate of the industry remained around 77-78%, ensuring ample market supply to fully meet downstream rigid demand. No supply shortages were observed. However, the reluctance of suppliers to sell at low prices and their proactive stance on supporting prices offset the price suppression brought by abundant supply, instead pushing the transaction center upward.

3) Demand Factors: Demand-side performance was lackluster this month, failing to provide a substantial boost to the market. Downstream enterprises, affected by the overall industry environment, adopted a cautious procurement mindset, maintaining only small amounts of essential inventory and refraining from bulk replenishment. This, to some extent, constrained the extent of PA66 price increases, resulting in only a moderate upward trend this month, without a significant surge.

IV. PA66 Market Forecast for Next Month

The domestic PA66 market in China is expected to show a fluctuating but generally upward trend in February. The pace of price increases may slow down, primarily influenced by a combination of cost support, ample supply, and seasonal demand contraction. However, overall upward momentum will likely persist.

From the cost side, supporting strength will continue to be prominent: Invista has explicitly raised its PA66 price by 500 yuan/ton in February, bringing the adjusted price to 17,800 yuan/ton, which will directly drive positive market price expectations. Meanwhile, the adipic acid market is expected to maintain a high and upward trend, further exacerbating cost pressure on PA66 polymerization enterprises, providing a strong bottom support for prices and limiting downside space.

From the supply side, PA66 polymerization enterprises are expected to maintain high capacity utilization rates, ensuring ample market supply. Simultaneously, most enterprises are experiencing oversold order books, with no immediate inventory pressure. These solid fundamentals provide a basis for industry players to hold prices firm, and suppliers are expected to continue being reluctant to sell at low prices.

From the demand side, a seasonal contraction is expected: in mid-February, as the Chinese New Year holiday approaches, downstream small and medium-sized manufacturers will gradually enter a shutdown and holiday period. Procurement demand will significantly decrease, with only essential, small-volume replenishment maintaining. This will constrain market price increases, slowing down the upward trend and making large-scale price surges unlikely.

Overall, although the PA66 market in February saw limited price increases due to the seasonal contraction of downstream demand, strong cost support and a stable fundamental performance will drive the market to maintain a high-level, volatile, and upward trend, with overall prices still having room to rise.